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A manhunt was on yesterday for a crazed slasher believed to have fatally stabbed his mother-in-law and viciously stabbed his estranged wife – with the couple’s infant twins nearby in the family’s Long Island home.

Cops rushed to the two-story brick home in Syosset just after 11 p.m. Saturday and discovered a grisly scene: a young mom bleeding on the front lawn and her 56-year-old mother, stabbed repeatedly and in cardiac arrest, inside the house, sources said.

The older woman was rushed to North Shore University Hospital, where she died. The younger woman, believed to be the estranged wife of the attacker, who was not identified by cops, was taken to Nassau University Medical Center and was expected to survive.